Low-levered bank lending across Europe

Thomas Duetoft

Partner

Andrew Benson

Executive Director

1.62bn

Cumulative capital raised1

1.31bn

Cumulative capital deployed1, 2

Senior secured lending

The strategy focuses on investments in:

  • European mid-market companies, with EBITDA typically between €25 million and €100 million;
  • Senior secured loans with first-ranking seniority of €50 million to €250 million.

The strategy targets first lien investments in larger companies, with lower leverage and larger equity cushions than our Mid-Market Debt strategy. Similar to Pemberton’s other strategies, there is a focus on non-cyclical companies with resilient products, contractual revenues and meaningful track record. Preferred sectors include food producers, healthcare, technology and others that support stable cash generative businesses.

Investment opportunities are originated through Pemberton’s strong and long-standing relationships with private equity sponsors, banks and advisors active in the European mid-market. In particular given its more conservative nature, the strategy works in partnership with leading commercial banks in each jurisdiction.

Refinancing portfolio companies from other strategies that have de-levered since closing provides another proprietary source of opportunities. Consistent with our Mid-Market Debt and Strategic Credit strategies, we have regular access to management and financial information that enables us to closely monitor loans post-close.

The strategy is managed by Portfolio Managers Thomas Duetoft and Andrew Benson.

Selected recent investments

A portfolio company of


Term Loan

December 2022

A portfolio company of


Term Loan & Acquisition Facilities

October 2021

A portfolio company of


Term Loan & Acquisition Facilities

Union Jack

September 2021

A portfolio company of


Term Loan & Acquisition Facilities

August 2021

Corporate deal


Term Loan & Acquisition Facilities

French flag

March 2021

A portfolio company of


Term Loan

Union Jack

April 2021

Our other clearly defined risk-reward strategies

Strategic Credit

The strategy focuses on performing credit rather than stressed/distressed debt and loan-to-own debt investments. Depending on the credit quality…

Mid-Market Debt

The strategy primarily focuses on investments in performing companies in defensive industries with characteristics including market-leading positions, strong cash…

Working Capital Finance

The strategy provides institutional investors with potential attractive risk-adjusted returns from a diversified, stable and low-duration…

Risk Sharing

Pemberton’s Risk Sharing Strategy focuses on junior tranches of Risk Sharing transactions which provide efficient relief to banks while delivering…

CLOs*

Collateralized loan obligations (‘CLOs’) strategy will invest in publicly rated, broadly syndicated loans which are typically used to fund sponsor driven…

NAV Financing

Pemberton’s NAV Financing strategy will provide financing solutions which are predicated on the underlying value of private equity funds’…